HB 2667
Requiring the approval of the Legislature and the Governor before additional bonds may be issued by the Parkways Authority
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill requires that any additional bonds issued by the Parkways Authority must receive approval from both the West Virginia Legislature and the Governor. Additionally, tolls associated with the bonds must be removed six months after any outstanding bond debt or encumbrances are paid off. The bill aims to increase transparency and accountability in the Parkways Authority’s financing practices.
Key provisions
- Requires legislative and gubernatorial approval for new Parkways Authority bond issuances.
- Mandates the removal of tolls six months after bond debt is paid off.
- Prohibits the use of bond proceeds for economic development or tourism projects.
- Authorizes the issuance of interim receipts or temporary bonds prior to definitive bonds.
- Allows for the issuance of additional bonds to cover deficits in previous bond issues.
- Specifies that bond proceeds can be credited to the State Road Fund.
- Clarifies that bond issuance can occur without departmental consent, subject to legislative approval.
- Defines the terms and conditions for bond issuance, including maturity dates and interest rates.
Who is affected
- The Parkways Authority
- West Virginia taxpayers
- Motorists using West Virginia parkways
- The West Virginia Legislature
- The Governor of West Virginia
Notable changes
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